Malaysia secures a third of its foreign direct investment from CPTPP member economies, with the trade pact opening new markets and eliminating tariffs for exporters.
KUALA LUMPUR: The Comprehensive and Progressive Agreement for Trans-Pacific Partnership continues to strengthen Malaysia’s position as a prime investment destination.
Approximately 33.1% of Malaysia’s total foreign direct investment now originates from CPTPP member economies, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the agreement also creates significant opportunities for Malaysian professionals and entrepreneurs.
“CPTPP is an important catalyst in our efforts to propel Malaysia to the global value chain,” Zafrul stated in a social media post.
The minister highlighted that Malaysian professionals in engineering, law and medicine can now compete and serve in CPTPP member countries.
Malaysia has gained free trade agreement access to four major markets for the first time through CPTPP membership.
These new markets include Canada, Mexico, Peru and the United Kingdom.
Exporters now benefit from zero tariffs on various Malaysian products.
The tariff elimination covers automotive components, textiles, palm oil and high-value electrical and electronic products.
The agreement will progressively eliminate 99% of tariffs by 2033.
This will ensure cheaper supplies of essential materials including fuel and machinery for local industries.
Zafrul emphasised that CPTPP represents more than just a trade agreement.
“It is a platform that will strengthen Malaysia’s economic position for the coming decades,” he said.
The minister urged continued efforts to position Malaysia as a major hub in high-technology and service-driven value chains.
